UAE awards major refining contracts to Korea's Samsung

Abu Dhabi National Oil Company said Monday it has awarded two contracts worth $ 3.5 billion to South Korea’s Samsung Engineering to boost output at the largest refinery in the United Arab Emirates. ADNOC’s announcement came as South Korea’s President Moon Jae-in was visiting the oil-rich Gulf state. The main contract, worth $ 3.1 billion, is for an engineering, procurement and construction (EPC) project at Ruwais refinery, the UAE’s largest with a capacity of over 800,000 barrels per day.